Wednesday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 123.25 unch.
• Asia Pacific Sovereign CDS Index 37.75 +.25 basis point.
• Bloomberg Emerging Markets Currency Index 69.36 -.05%. 
• S&P 500 futures +.04%. 
• NASDAQ 100 futures +.03%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (ACN)/1.49
• (ATU)/.17
• (FINL)/-.18
• (LNN)/.62
• (PAYX)/.56
• (WGO)/.33
• (AIR)/.35
• (BBBY)/.98
• (MLHR)/.54
• (MU)/.29
• (RHT)/.58

Economic Releases 
10:00 am EST

• Existing Home Sales for November are estimated to fall to 5.5m versus 5.6m in October.

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,432,500 barrels versus a -2,563,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,033,700 barrels versus a +497,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,070,100 barrels versus a -762,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.31% versus a +.1% gain prior.

Upcoming Splits 

• None of note

Other Potential Market Movers

• The weekly MBA Mortgage Applications report could also impact trading today.

BOTTOM LINE:  Asian indices are slightly higher, boosted by commodity and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.